Rheaply, a Chicago startup that specializes in recycling and sourcing unused items, has raised a new round of funding as it works to strengthen the circular economy, a term used to describe an economic system that works to maximize the use of resources and eliminate waste.
The startup announced Tuesday that it raised $8 million in a Series A round led by High Alpha, an Indianapolis-based venture capital fund. 100 Black Angels & Allies Fund, Concrete Rose Capital, Hyde Park Angels, M25, MCJ Collective, Morgan Stanley Multicultural Innovation Lab and Salesforce Ventures also participated. Revolution’s Rise of the Rest Seed Fund was also listed as an investor on the deal. The fund invested $1 million into Rheaply after the startup won first place in its pitch competition in December.